Apr 19 2007
The Securities Commission (SC) has published a list of more than 50 companies which are not approved or authorised to deal in securities. The companies listed include Gold Quest International, Cambridge Capital Trading, Swiss Mutual Fund, Data Saham, Dana Modal and E-Suisse Fund. The scam operators conducted cold calls to the public to invest in a host of products that are purportedly traded on the fictitious Dubai Options Exchange.
“The public is advised not to make any investment with companies that are not licensed or approved by the SC,” the SC’s website said. The SC warned investors against the fraudulent investment scheme operated by Cambridge Capital Trading, which has thus far targeted Australian and Singaporean investors.
In February, the SC froze two Malaysian bank accounts amounting to RM1.6mil, closed two websites and questioned several individuals believed to be connected to a global Internet investment scam run by Cambridge Capital Trading. As for Gold Quest International or GoldQuest, it had its offices in Kuala Lumpur raided in 2000 by the Domestic Trade and Consumer Affairs Ministry for allegedly operating an illegal scheme. News reports on the Internet said that GoldQuest was a company which lured investors into pyramid-style schemes where gold was the main commodity.
However if you are one of the many people who has been approached before by one of the above internet investment scheme, you might know that one of the high-profile scheme is Swiss Mutual Fund a.k.a. SwissCash. You might have heard that some of the people who actually believe and pump in money into this SwissCash consist of politicians or those with “Datuk” title who are crazy about get-rich-scheme.
But the Malaysia Securities Commission’s website which lists the 50 companies comprises out-dated info as the links are not accurate. For example SC alert web-site at this link said SwissCash’s website is www.swisscash.com or www.swisscash.biz but none of it works. Instead the real link should be www.swisscash.net. It simply shows how irresponsible and careless SC in their basic task in the effort to alert the people at large. A simple validation by SC’s staff to ensure all the links are the actual and working site should do the trick. But none of this is being carried-out.
SwissCash is perhaps one of the most attractive in their plan whereby you will earn USD 5,000 every 30 days with initial investment of USD 20,000. Their website claims the average return is 25% to 45% per month, probably beating all the investment out there and putting Warren Buffett in shame.
A simple test will shows how legitimate SwissCash is by an email. I’ve sent an email just to ask how I can check if they have the license to operate by any of the countries or if they can provide some sort of financial reports. After numerous email and not a single response concludes that the company is not sincere in explaining to any queries posed to them.
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April 19th, 2007 by financetwitter
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